The bonds maturing in July 2024 were priced to yield 135
basis points more than euro mid-swaps, compared with a 143
basis-point spread when it sold 1.75 billion euros of the same
notes on Oct. 2, according to a person familiar with the
offering, who declined to be identified because the information
isn’t public. Commerzbank AG, HSBC Holdings Plc, ING Groep NV
and Societe Generale CIB arranged the sale, the Finance Ministry
said on its website.

“We decided to tap the euro market to take advantage of
yields at historic lows,” Deputy Finance Minister Wojciech
Kowalczyk said in an e-mailed statement. “This will be our last
public sale of bonds on foreign markets this year.”

The lure of record-low borrowing costs has pushed Poland to
issue the equivalent of $12.1 billion of notes in foreign
currencies in 2012, trailing only China’s $30.2 billion among
emerging-market peers, according to data compiled by Bloomberg.
Investors are seeking higher returns in developing nations as
policy makers from the U.S. Federal Reserve to the European
Central Bank keep borrowing costs low to spur growth.

Euro-region economies, which buy 54 percent of Poland’s
exports, contracted 0.6 percent in the third quarter. Expansion
in the European Union’s biggest eastern economy will slow to 1.5
percent next year, according to central bank forecasts, the
least in a decade.

“Clearly, the Poles are eager to take advantage of very
liquid and cheap financing conditions,” Timothy Ash, head of
emerging-market research at Standard Bank Group Ltd in London,
said in e-mailed comments today. “The longer term outlook is
much more uncertain.”